May 2026
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Largest ClimateTech Public Companies
Benchmark revenue and EBITDA valuation multiples for public comps like
Tesla, CATL, GE Vernova, Iberdrola and BYD.
 | Tesla is a vertically integrated battery electric vehicle automaker and developer of real world artificial intelligence software, which includes autonomous driving and humanoid robots. The company has multiple vehicles in its fleet, which include luxury and midsize sedans, crossover SUVs, a light truck, and a semi truck. Tesla also plans to begin selling a sports car and offer a robotaxi service. Global deliveries in 2025 were nearly 1.64 million vehicles. The company sells batteries for stationary storage for residential and commercial properties including utilities and solar panels and solar roofs for energy generation. Tesla also owns a fast-charging network and an auto insurance business. | $389 | +12% | $1.5T | $1.4T | 15.1x | 121.9x | ||
 | CATL, headquartered in Ningde, Fujian Province, is a global leading battery manufacturer founded in 2011. The company specializes in the development and production of lithium-ion batteries for EVs and energy storage systems. CATL is the largest EV battery manufacturer in the world and leads the industry in innovative battery technology development for higher-energy density and safety, longer battery service life and super-fast charging. CATL is also involved in the manufacturing of cathode and other related battery materials. Through its subsidiary Brunp, it works with customers to create a closed-loop battery life cycle from production, application, to recycling. | $68 | +87% | $316B | $274B | 4.4x | 15.9x | ||
| GE Vernova is a global leader in the electric power industry, with products and services that generate, transfer, convert, and store electricity. The company has three business segments: power, wind, and electrification. Power includes gas, nuclear, hydroelectric, and steam technologies, providing dispatchable power. The wind segment includes wind generation technologies, inclusive of onshore and offshore wind turbines and blades. Electrification includes grid solutions, power conversion, electrification software, and solar and storage solutions technologies required for the transmission, distribution, conversion, and storage of electricity from the point of generation to point of consumption. | $1,095 | +132% | $294B | $287B | 7.5x | 128.0x | ||
 | Iberdrola is one of the largest utilities in the world with electric utility operations in nearly 40 countries. The company has a 57-gigawatt portfolio of hydro, wind, natural gas, and nuclear power plants. It is one of the largest owners of wind farms in the world, representing about 40% of its portfolio. Although the company has recently developed or acquired distribution and power generation assets in other geographic areas, Spain is still home to more than half of its power generation capacity. Iberdrola also owns and operates electricity and distribution networks in Spain, the UK, Brazil, and the US. | $23 | +25% | $156B | $219B | 4.1x | 11.2x | ||
| Founded in 1995, BYD is a leading Chinese manufacturer in the design, development, and production of new energy vehicles, or NEVs. In March 2022, the firm discontinued production of internal combustion engine, or ICE, vehicles. Its products primarily target the growing midpriced mass-market segment in China’s passenger vehicle market. The company sold about 4.3 million passenger NEVs in 2024, accounting for 35% of the Chinese passenger NEV market. Besides automobile production, the company is also engaged in handset components and assembly services, as well as the rechargeable battery and photovoltaics business. After more than 25 years of development, the company has established over 30 industrial parks worldwide. | $14 | -19% | $127B | $129B | 1.1x | 7.3x | ||
| China Yangtze Power Co Ltd business activities include hydroelectric power generation, power distribution and sales, overseas power station's operation, management, consultation services, investment, and financing. It has also established its power distribution and sales platforms such as Three Gorges Water Conservancy and Peru LuzdelSur. The company owns the power generation assets of four hydropower plants on the mainstream of the Yangtze River, namely Three Gorges, Gezhouba, Xiluodu, and Xiangjiaba. | $4 | -9% | $97B | $139B | 11.0x | 13.4x | ||
| WM, previously known as Waste Management, ranks as the largest integrated provider of traditional solid waste services in the United States, operating 262 active landfill sites and about 339 transfer stations that help with transporting waste efficiently and economically. The company serves residential, commercial, industrial, and medical end markets for waste collection, transfer, and disposal. The company also has an energy business emanating from the beneficial use of landfill gas and is a leading recycler in North America. | $224 | -7% | $90B | $113B | 4.5x | 15.7x | ||
| Bloom Energy designs, manufactures, sells, and installs solid oxide fuel cell systems for on-site power generation. Bloom Energy Servers are fuel-flexible and can use natural gas, biogas, and hydrogen to create 24/7 electricity for stationary applications. Bloom sells its systems in the United States and internationally. | $295 | +1499% | $84B | $84B | 41.7x | 4211.5x | ||
 | LG Energy Solution is the third-largest battery maker for electric vehicles with about 11% global share in 2024, according to SNE Research. The EV battery segment is the largest revenue contributor, which accounted for more than 60% of total revenue in 2024. LGES also manufactures batteries for mobility, mobile phones, laptops, electrical devices, and energy storage systems. The company was spun off from LG Chem’s battery division in December 2020 and listed on the Korea Exchange in January 2022. It has global manufacturing facilities in Korea, China, Poland, and the United States. Key customers include General Motors, Tesla, Volkswagen, Hyundai, and Stellantis. | $327 | +70% | $77B | $89B | 5.4x | 26.7x | ||
| Republic Services Group is the second-largest waste management company by revenue and provides integrated waste management services to residential, commercial, and industrial customers. With 208 active landfills, 248 transfer stations, and 75 recycling centers, Republic Services has reached $16 billion in annual revenue, focusing on recycling and environmental solutions. The company reports in three segments based on the Western United States (Group 1), Eastern United States (Group 2), and Environmental Solutions across North America (Group 3). Eighty-nine percent of total revenue comes from recycling and waste, with the remaining 11% from Environmental Solutions. | $204 | -21% | $63B | $77B | 4.6x | 15.1x | ||
| Vistra Corp. is one of the largest power producers and retail energy providers in the USA. It owns 44 gigawatts of generation capacity, including natural gas (27 GW), nuclear (6.5 GW), coal (8.7 GW), and solar and battery storage (1.4 GW). The Cogentrix acquisition will add 5.5 GW of gas generation. Vistra's retail electricity business serves 5 million customers in 20 states, including almost a third of all Texas electricity consumers. Vistra emerged from the Energy Future Holdings bankruptcy as a stand-alone entity in 2016. | $160 | 0% | $54B | $76B | 4.3x | 15.0x | ||
 | Cameco Corp is a provider of uranium needed to generate clean, reliable baseload electricity around the globe and is one of those uranium producers. It has three reportable segments: Uranium, Fuel Services, and Westinghouse, deriving maximum revenue from the Westinghouse segment. The Uranium segment involves the exploration for, mining, milling, purchase, and sale of uranium concentrate, while the Fuel Services segment involves the refining, conversion, and fabrication of uranium concentrate and the purchase and sale of conversion services. Westinghouse Electric Company provides products and services to nuclear reactors, including outage and maintenance services, engineering support, instrumentation and controls equipment, plant modification, and components and parts. | $115 | +98% | $50B | $50B | 19.5x | 58.3x | ||
| Ford Motor Co. manufactures automobiles under its Ford and Lincoln brands. In March 2022, the company announced that it will run its combustion engine business, Ford Blue, and its BEV business, Ford Model e, as separate businesses but still all under Ford Motor. The company has over 13% market share in the United States, about 10% share in the UK, and just over 1% share in China including Taiwan and unconsolidated affiliates. Sales in the US made up about 65% of 2025 total company revenue. Ford has about 169,000 employees, including about 56,300 UAW employees, and is based in Dearborn, Michigan. | $12 | +13% | $47B | $176B | 0.9x | 48.3x | ||
| Waste Connections is a North American waste management company focused on integrated waste collection services. The firm primarily focuses on residential, commercial, municipal, and industrial waste collection, with a secondary market focus on rural areas. With 113 landfills and 222 transfer stations as of 2024, it is the third-largest waste management company by revenue. Revenue is split among six operating segments: Western, Southern, Eastern, Central, Canada, and Midsouth. | $158 | -20% | $40B | $49B | 5.2x | 16.5x | ||
 | Danish company Orsted was named Dong Energy until the sale of all its oil and gas fields to Ineos in 2017, soon after the May 2016 initial public offering. Orsted is now focused on renewable assets, especially offshore wind farms. It operated 9.9 gigawatts of offshore wind farms at the end of 2024. The United Kingdom is the biggest country of operation, ahead of Germany and Denmark. The group intends to develop its footprint outside Europe with projects in Taiwan and in the US. Orsted also operates 4.8 GW of onshore wind and solar assets concentrated in the United States. The company is involved in more traditional utilities business like conventional power plants and gas supply, but these activities are noncore. | $26 | +13% | $34B | $38B | 3.2x | 10.6x | ||
 | Veolia is the largest water company globally and a leading player in France. It is also involved in waste management with significant exposure to France, the United Kingdom, Germany, the United States, and Australia. The third pillar of the group is energy services, giving the group significant exposure to Central Europe. Veolia started to refocus its activities in 2011, leading to the exit of almost half of its countries and its transport activity The integration of most activities of Suez in 2022 drove an EBITDA increase of nearly 40%. | $42 | +21% | $31B | $44B | 0.8x | 5.9x | ||
| Vestas is a leading manufacturer of wind turbines with the highest installed capacity under service in the world. The firm operates two business segments: power solutions and services. The power solutions segment designs, manufactures, and installs onshore and offshore wind turbines. The services segment performs operating and maintenance service work on wind turbines. | $30 | +89% | $30B | $29B | 1.3x | 11.2x | ||
| Xylem is a global leader in water technology and offers a wide range of solutions, including the transport, treatment, testing, and efficient use of water for customers in the utility, industrial, commercial, and residential sectors. Xylem was spun off from ITT in 2011. Based in Rye Brook, New York, Xylem has a presence in over 150 countries and employs 16,200. The company generated $9 billion in revenue in 2025. | $116 | -8% | $28B | $29B | 3.2x | 16.2x | ||
 | Gulf Development PCL is a Thailand-based company mainly involved in the electricity-generating business. The group's principal operations are to generate and sell electricity and steam, store and convert natural gas from liquid to gas, provide satellite services, and operate other businesses in domestic and international markets. It is also involved in the business of renewable energy, such as solar rooftops and biomass energy. The group's reportable segments are: Power business (which generates maximum revenue), Consulting business, Infrastructure business, and Satellite and digital business. Geographically, it derives maximum revenue from Thailand. | $2 | +27% | $26B | $36B | 9.7x | 29.9x | ||
| Huaneng Lancang River Hydropower Inc is engaged in the development and operation of the Lancang River and the surrounding areas of hydropower resources. The company is also engaged in the exploration of solar photovoltaic, wind power, shale gas, and other new energy construction. | $1 | -4% | $26B | $42B | 10.9x | 14.0x | ||
 | EnBW Energie Baden-Wuerttemberg AG is active in the energy sector in Germany and the rest of Europe. It operates in three segments: Smart Infrastructure for Customers, which comprises the sale of electricity and gas, energy industry services and energy solutions, provision and expansion of quick-charging infrastructure and digital solutions for electromobility, broadband activities; System Critical Infrastructure segment is into the transmission and distribution of electricity and gas; and Sustainable Generation Infrastructure segment, which generates maximum revenue, encompasses activities in the areas of renewable energies and conventional generation, district heating and waste management/environmental services. Geographically, the company generates maximum revenue from Germany. | $80 | +1% | $26B | $39B | 1.0x | 5.5x | ||
| First Solar designs and manufactures solar photovoltaic panels, modules, and systems for use in utility-scale development projects. The company's solar modules use cadmium telluride to convert sunlight into electricity. This is commonly called thin-film technology. First Solar is the world’s largest thin-film solar module manufacturer. It has production lines in Vietnam, Malaysia, the United States, and India. | $219 | +39% | $24B | $22B | 4.2x | 10.1x | ||
| Veralto is a diversified industrial firm organized into two segments: water quality, product quality, and innovation. The water quality segment offers water analytics and water treatment solutions, while the product quality and innovation segment offers coding, packaging, and color solutions for consumer packaged goods and pharmaceuticals. Headquartered in Waltham, Massachusetts, the company has around 17,000 employees. Veralto generated approximately $5.5 billion in revenue in 2025. | $88 | -13% | $22B | $23B | 4.2x | 17.0x | ||
| Uniper SE is a Germany-based energy generation and energy trading company. The firm operates through three segments: Flexible Generation, Greener commodities, and Green Generation. The Green Generation segment comprises emission-free power generation plants that the Uniper Group operates in Europe. The Flexible Generation segment comprises the power and heat generation plants that the Uniper Group operates in Europe to flexibly meet grid operators' requirements. The Greener Commodities segment bundles the energy trading and optimization activities and forms the commercial interface between the Uniper Group and the globally traded markets for energy and the major customers. The majority of revenue is derived from the Greener Commodities segment. | $52 | +12% | $22B | $15B | 0.2x | 5.9x | ||
 | EDP is a vertically integrated utility company and is the largest generator, supplier, and distributor of electricity in Portugal. In addition to Portugal, EDP has sizable operations in Spain, Brazil, and the US. EDP owns 71% of EDP Renovaveis, the fourth-largest wind power owner/operator in the world. EDP delisted Energias do Brasil in August 2023 after buying out the 46% minorities. | $5 | +26% | $21B | $44B | 2.4x | 7.3x | ||
| APi Group Corp operates in two segments: Safety Services segment includes providing safety services in North America, Asia Pacific, and Europe, focusing on end-to-end integrated occupancy systems (fire protection solutions, Heating, Ventilation, and Air Conditioning and entry systems), including design, installation, inspection, and service of these integrated systems. These services are provided in commercial, education, healthcare, high tech, industrial, and special-hazard settings. Specialty Services segment includes providing a variety of infrastructure services and specialized industrial plant services, which include maintenance and repair of critical infrastructure such as underground electric, gas, water, sewer, and telecommunications infrastructure. | $46 | +47% | $20B | $22B | 2.8x | 25.2x | ||
| Rivian is a battery electric vehicle automaker that sells its vehicles in the US and Canada. The company also develops electronic control units and related software for autos in a joint venture with Volkswagen. Rivian has multiple vehicles in its fleet, which include a luxury truck and full-size SUV and a delivery van. The company plans to begin selling a midsize SUV in 2026. Total deliveries were over 42,000 in 2025. Rivian is also developing autonomous driving software to be used in its vehicles. | $15 | +0% | $20B | $21B | 4.0x | (8.3x) | ||
| Nextpower (and its subsidiaries) is a leading provider of intelligent, integrated solar tracker and software solutions used in utility-scale and distributed generation solar projects around the world. Nextpower's products enable solar panels in utility-scale power plants to follow the sun’s movement across the sky and optimize plant performance. Nextpower has operations in the United States, Mexico, Spain and other countries in Europe, India, Australia, the Middle East, Africa, and Brazil. | $125 | +118% | $19B | $18B | 6.1x | 26.7x | ||
| LONGi Green Energy Technology is one of the largest integrated solar company in the world. It produced 106 gigawatts of solar silicon wafers and 70 GW of solar modules in 2024. Solar silicon wafer and solar module contributed 10% and 80% of revenue in 2024, respectively. LONGi’s products are sold in more than 150 countries and regions. | $2 | +16% | $18B | $16B | 1.6x | 71.7x | ||
| Li Auto is a leading Chinese NEV manufacturer that designs, develops, manufactures, and sells premium smart NEVs. The company started volume production of its first model Li One in November 2019. The model is a six-seater, large, premium plug-in electric SUV equipped with a range extension system and advanced smart vehicle solutions. It sold over 500,000 NEVs in 2024, accounting for about 4% of China's passenger new energy vehicle market. Beyond Li One, the company expands its product line, including both BEVs and PHEVs, to target a broader consumer base. | $9 | -40% | $18B | $6B | 0.3x | 6.2x | ||
| EDP Renovaveis, a 71%-owned subsidiary of integrated Portuguese utility EDP, was created in 2007. It builds, develops, and operates renewable plants, mostly wind and solar. With 19.3 GW of net installed capacity at the end of 2024, EDP Renovaveis is the third-largest European renewables player. The group’s plants are mainly located in the US, Spain, Portugal, Poland, and Brazil. | $17 | +63% | $17B | $28B | 8.9x | 12.2x | ||
| China Three Gorges Renewables is one of China’s largest renewable energy producers. The firm operates wind farms, photovoltaic power plants, hydroelectric power plants, and energy storage projects. CTGR has a total generation capacity of about 48.0 gigawatts as of the end of 2024. In particular, the firm is also one of the largest offshore wind farm operators in China, with 7.0 GW of installed capacity at the end of 2024, representing about 17% of China’s total capacity. Parent company, China Three Gorges, a state-owned enterprise, owns approximately 52.6% of CTGR’s issued shares as of the end of 2024. | $1 | -3% | $17B | $47B | 11.3x | 13.8x | ||
 | Rentokil Initial is the largest global provider of route-based pest control and commercial hygiene services, operating in 89 countries, with its largest operations in the United States following the acquisition of Terminix. The group also offers a range of specialist route-based services, including office and commercial space plant care, property care, and workwear rentals. The group serves a diverse client base of global food producers, hotel chains, industrial goods companies, restaurants, and individual residential customers. | $7 | +43% | $17B | $21B | 3.0x | 13.8x | ||
| Clean Harbors Inc is an environmental and industrial services provider that provides parts cleaning and related environmental services to commercial, industrial, and automotive customers. Its business segments are Environmental Services and Safety-Kleen Sustainability Solutions. Environmental Services includes waste collection, transportation, treatment, recycling, and disposal, along with industrial maintenance services. Safety-Kleen Sustainability Solutions provides used oil collection and manufactures base oil, vacuum gas oil, and lubricants. The company generates the majority of its revenues from the Environmental Services segment and operates in the United States, with maximum revenue, and Canada. | $314 | +38% | $17B | $19B | 3.1x | 16.5x | ||
 | Tata Motors Ltd is an automobile manufacturer, offering a diverse portfolio of smarter, integrated and safer mobility solutions. It designs, manufactures and sells a wide range of automotive vehicles. The company also manufactures engines for industrial applications. Its operating segments consist of: a) Automotive: The Automotive segment consists of four reportable sub-segments: Tata Commercial Vehicles, Tata Passenger Vehicles, Jaguar Land Rover and Vehicle Financing. Other operating segments do not meet the quantitative thresholds for disclosure and have been aggregated. b) Others: Others consist of IT services and Insurance Broking services. The majority of revenue is generated from the Tata Commercial Vehicles sub-segment of the Automotive segment. | $5 | -- | $17B | $17B | 0.4x | 2.6x | ||
| SDIC Power Holdings Co Ltd is engaged in investment and construction, management of energy projects based on electric power generation, development and operation of renewable energy projects, high technology and eco-friendly industries, development and operation of the products associated with electric power, as well as consultancy. The company mainly operates its businesses in the domestic and overseas markets. | $2 | -12% | $16B | $36B | 4.6x | 7.9x | ||
| Goldwind Science & Technology Co Ltd manufactures, and markets wind turbines & other solutions. It has four segments. The wind turbine generator manufacturing & sale segment engages in research & development, manufacture & sale of wind turbine generators & spare parts; the wind power services segment provides wind power construction, post-warranty service & asset management services; the wind farm development segment engages in the development of wind farms, which includes wind power generation service provided by the Group’s wind farms & its sales; & the others segment mainly engages in the operation of water treatment plants under the service concession arrangements. Its key revenue is from Wind turbine generator manufacturing & sales. Geographically, the key revenue is from China. | $4 | +200% | $16B | $20B | 1.8x | 14.6x | ||
| Nio is a leading electric vehicle maker, targeting the premium segment. Founded in November 2014, Nio designs, develops, jointly manufactures, and sells premium smart electric vehicles. The company differentiates itself through continuous technological breakthroughs and innovations such as battery swapping and autonomous driving technologies. Nio launched its first model, its ES8 seven-seater electric SUV, in December 2017, and began deliveries in June 2018. Its current model portfolio includes midsize to large sedans and SUVs. It sold around 222,000 EVs in 2024, accounting for about 2% of the China passenger new energy vehicle market. | $6 | +70% | $15B | $18B | 1.4x | (27.2x) | ||
| Ecopro BM Co Ltd is engaged in the development and production of secondary battery materials like precursors and cathode materials. Its products are used in electric vehicles, electric energy storage systems, uninterruptible power supply, smart grids, and ones for aerospace, medical and military purposes. | $155 | +157% | $15B | $16B | 9.5x | 109.3x | ||
| Ecopro Co Ltd is engaged in the battery materials business, mainly serving the lithium-ion battery industry. The company operates through two reportable segments: Battery Materials business and Other business. The Battery Materials business segment focuses on cathode materials, the core components used in lithium-ion batteries, and also covers precursors, lithium, and recycling activities related to the cathode materials business. | $110 | +279% | $15B | $16B | 7.1x | 190.9x | ||
| Founded in 2015, XPeng is a leading Chinese smart electric vehicle company that designs, develops, manufactures, and markets EVs in China. Its products primarily target the growing base of technology-savvy middle-class consumers in the midrange to high-end segment in China’s passenger vehicle market. The company sold over 190,000 EVs in 2024, accounting for about 2% of China’s passenger new energy vehicle market. It is also a leader in autonomous driving technology. | $8 | -21% | $15B | $12B | 1.1x | 38.4x | ||
| Canmax Technologies Co Ltd is engaged in Research and development, production and sales of new energy lithium battery materials products, anti-static ultra-clean technology products and medical equipment products. | $17 | +573% | $14B | $14B | 12.9x | 81.1x | ||
| Nordex SE is a German company that develops, manufactures, services, and markets wind power systems. The company manages its activities via Projects and Service segments. The projects segment includes all activities associated with the development, production, assembly and commissioning of wind turbines and project development business. The services segment encompasses services and projects for existing turbines after their handover to customers. In particular, this includes technical services such as maintenance and remote monitoring of wind farms as well as repair and technical enhancements for existing turbines. The majority of the sales are done through the projects segment. | $59 | +184% | $14B | $12B | 1.4x | 15.9x | ||
| Tata Motors Passenger Vehicles Ltd Formerly Tata Motors Ltd is an automobile manufacturing company. It designs, manufactures, and sells a wide range of automotive vehicles. The company also manufactures engines for industrial applications, aggregates such as axles and transmissions for commercial vehicles, and factory automation equipment, and provides information technology services. Its operating segments include Automotive and Others. The Automotive segment, which derives key revenue, consists of four reportable sub-segments: Tata Commercial Vehicles, Tata Passenger Vehicles, Jaguar Land Rover, and Vehicle Financing. Geographically, it generates maximum revenue from India, and the rest from the United States of America, United Kingdom, Rest of Europe, China, and the Rest of the World. | $4 | -44% | $14B | $15B | 0.3x | 2.3x | ||
| GFL Environmental Inc is an environmental services company. Its offerings include non-hazardous solid waste management, infrastructure, soil remediation, and liquid waste management services. Its solid waste management business line, which generates the majority of the revenue, consists of the collection, transportation, transfer, recycling, and disposal of non-hazardous solid waste. Its Environmental Services business line includes liquid waste and soil remediation. The company's geographical segments are Canada and the United States. The company derives the majority of its revenue from the United States. | $37 | -27% | $13B | $20B | 4.0x | 13.3x | ||
| China Resources Power, or CR Power, is one of China’s largest independent power producers. The firm operates wind farms, photovoltaic power plants, hydroelectric power plants and thermal power (coal-fired and gas-fired) plants, which are situated mostly in eastern, central and southern China, with a total attributable operational generation capacity of about 72.4 gigawatts as of end-2024. Renewable energy accounts for about 47.2% of its capacity. China Resources Holdings, a key state-owned conglomerate, owns approximately 62.9% of CR Power’s shares outstanding. | $3 | -4% | $13B | $39B | 3.0x | 7.3x | ||
 | Enlight Renewable Energy Ltd develops, finances, constructs, owns, and operates utility-scale renewable energy projects. The company’s operating segments are the MENA segment, Europe segment, U.S.A segment, and Others. It generates the majority of its revenue from the Europe segment, which produces its revenue from the sale of the electricity that is produced through wind energy and solar energy in Europe. | $91 | +311% | $13B | $17B | 29.4x | 35.6x | ||
| Pentair is a global leader in the water treatment industry, with 10,000 employees and a presence in 25 countries. Its business is organized into three segments: pool, water technologies, and flow. The company offers a wide range of water solutions, including energy-efficient swimming pool equipment, filtration solutions, and commercial and industrial pumps. Pentair generated approximately $4.2 billion in revenue in 2025. | $78 | -22% | $13B | $15B | 3.5x | 15.5x | ||
| Aramark, founded in 1936 and headquartered in Philadelphia, Pennsylvania, operates as a food service company providing facility management and workplace solutions. The company primarily generates revenue from its North American food and support services segment, serving various clients, including schools, healthcare facilities, and entertainment venues. | $45 | +12% | $12B | $18B | 1.0x | 14.2x | ||
| Tongwei is the world's largest polysilicon producer and a leading solar cell and module supplier. The solar business contributed more than 60% of revenue in 2024. In addition, Tongwei runs a feed and food business, which made up 35% of revenue in 2024. | $3 | +7% | $11B | $21B | 1.7x | 25.6x | ||
| Zhejiang Zheneng Electric Power Co Ltd is engaged in the thermal power generation business in China. It also provides thermal products, as well as invests in nuclear power. | $1 | +9% | $11B | $16B | 1.4x | 6.3x | ||
| Datang International Power Generation Co Ltd is one of five state-controlled independent power producers in China. The power generation businesses of the Company and its subsidiaries cover provinces, municipalities, and autonomous regions across the country, whereas the coal-fired power generators of the Company are centralized in the Beijing-Tianjin-Hebei and southeast coastal regions. The majority of the hydropower projects are located in the southwest region. Wind power and photovoltaic power projects are distributed across the country in areas with abundant resources. The operating segments of the group are the Power and heat generation segment and the Other segments. | $1 | +45% | $11B | $36B | 2.0x | 7.5x | ||
| JSW Energy Ltd is an Indian electric utility company and member of the Jindal Group business conglomerate. JSW Energy segments Thermal and Renewables. Thermal: Comprises of generation of power from coal and other thermal sources from plants and Renewables: Comprises of generation of power from renewable energy sources i.e. hydro, wind, solar and related ancillary services. owned and related ancillary services. Geographically, it generates a majority of its revenue from India. | $6 | +13% | $10B | $17B | 14.0x | 26.6x | ||
 | BKW AG is an electric utility company in which the Canton of Bern holds a majority stake. The company segments its operations into Energy Solutions, Power Grid, and Infrastructure & Buildings. It generates the majority of its revenue from the Energy Solutions business segment which builds, operates, and maintains BKW’s portfolio of power plants in Switzerland and abroad. It also includes the sale of energy in Switzerland, trading in electricity, certificates and raw materials as well as wind, solar and smart energy services. | $197 | -10% | $10B | $12B | 2.0x | 10.6x | ||
| SPIE SA is a European provider of multi-technical services in electrical, mechanical, and HVAC engineering and communication systems as well as specialized energy-related services. It helps its customers design, build, operate and maintain facilities that are energy-efficient and environmentally friendly. The group structures its activities around operating segments: France, North-Western Europe, Germany, Central Europe, and Global Services Energy. The majority of its revenue is derived from the France segment. It has a geographic presence in Europe, Africa, North, America, Asia-Pacific and Middle East. | $61 | +17% | $10B | $13B | 1.0x | 12.6x | ||
| Jinko Solar is the largest Chinese solar module manufacturer by global shipment in 2024. Jinko's products are distributed across nearly 200 countries and regions. The company operates a vertically integrated production process, spanning from solar wafer and cell manufacturing to module production. Jinko's N-type cell capacity is industry-leading in scale. | $1 | +30% | $10B | $11B | 1.2x | 27.4x | ||
 | VinFast Auto Ltd manufactures cars, and motor vehicles, renders leasing activities, trades smartphones, and related businesses. The company is engaged in designing and manufacturing premium EVs, e-scooters, and e-buses. The company's initial EV product line is an all-new range of fully electric A- through E-segment SUVs. The Company has three reportable segments, namely Car, E-scooter and Ebus. The Car segment includes the design, development, manufacturing and sales of cars and related battery lease and battery charging services for cars. The E-scooter segment includes the design, development, manufacturing and sales of e-scooters and related battery lease and battery charging service for e-scooters. The Ebus segment includes the design, development, manufacturing and sales of Ebus. | $4 | +28% | $10B | $14B | 4.2x | (5.3x) | ||
| NHPC Ltd is an electric utility company, of which the Indian government owns the vast majority of shares. The company produces electricity through the operation of its portfolio of hydroelectric power plants located across India. Electricity generation (including income from embedded Finance/ Operating leases) is the principal business activity of the Company. NHPC generates a majority of its revenue from the sale of energy to state electricity boards, state energy departments, and their successor companies via long-term agreements. The company has made efforts to expand its electric production capacity with thermal, wind, and solar power generating facilities. NHPC operates its power development and secondary consulting businesses exclusively in India. | $1 | -7% | $9B | $13B | 11.9x | 13.7x | ||
| A renewables developer, Acciona Energia was spun off from Spanish industrial conglomerate Acciona in July 2021. The floating share is 16%. Seventy-one percent of Acciona Energia's capacity is onshore wind, 26% in solar photovoltaic, and the bulk of the rest is battery. Thirty-five percent of its capacity is in Spain. The three biggest markets outside Spain are the US, Mexico, and Australia. | $27 | +21% | $9B | $14B | 4.1x | 7.8x | ||
| Joby Aviation Inc is a transportation company developing an all-electric, vertical take-off and landing (eVTOL) air taxi for commercial passenger service. Its Joby eVTOL aircraft is designed to transport a pilot and up to four passengers or an expected payload of up to 1,000 pounds at speeds of up to 200 mph. The aircraft is optimized for urban routes, with a target range of up to 100 miles on a single charge. The company is also developing an app-based platform to build and operate an aerial ridesharing service powered by a network of eVTOL aircraft that it will manufacture and operate. It has one operating and reportable segment, namely flight services. Currently, the company generates all of its revenue from flight services provided to the Department of Defense in the United States. | $9 | +11% | $9B | $7B | 134.1x | (10.5x) | ||
| Zurn Elkay Water Solutions Corp is a growth-oriented, pure-play water management business that designs, procures, manufactures, and markets the broadest sustainable product portfolio of specification-driven water management solutions to improve health, hydration, human safety and the environment. Its product portfolio includes professional grade water safety and control products, flow systems products, hygienic and environmental products, and filtered drinking water products for public and private spaces that deliver superior value to building owners, positively impact the environment and human hygiene and reduce product installation time. | $51 | +40% | $8B | $9B | 5.2x | 23.4x | ||
| Zhejiang Leapmotor Technology Co Ltd is principally engaged in the production, research and development and sales of new energy vehicles in the PRC. The company operates in two geographical segments: Mainland China, and Others. | $6 | -18% | $8B | $5B | 0.6x | 19.8x | ||
| Tetra Tech Inc provides consulting and engineering services for environmental, infrastructure, resource management, energy, and international development markets. It specializes in providing water-related services for public and private clients. It designs infrastructure, facilities, and other structures with complex plans and resource management. it has two reportable segments. Its Government Services Group (GSG) segment includes activities with U.S. government clients (federal, state and local) and activities with development agencies world-wide. Commercial/International Services Group (CIG) segment, which derives maximum revenue, includes activities with U.S. commercial clients and international clients other than development agencies. | $32 | -9% | $8B | $9B | 1.7x | 19.1x | ||
 | Public Power Corp SA is a public electric utility company with the Hellenic Republic as its main shareholder. The company is involved in generating, transmitting, and distributing electric energy. The company, along with its subsidiaries, operates a variety of power plants, including natural gas, coal, hydroelectric, wind, and solar plants. PPC majorly generates electricity from its thermal energy facilities. The company is divided into segments including Production/Supply, which includes production from lignite, oil, natural gas, and renewable energy sources, as well as lignite mining in support of production and supply activities in Greece and Romania. Other segments include the Distribution network and others. | $22 | +42% | $8B | $16B | 1.4x | 6.9x | ||
| CSI Solar is a leading Chinese solar module producer, ranking seventh by solar module shipments in 2024. The company's products are available in over 160 countries and regions. CSI operates a vertically integrated production process, encompassing solar wafers, cells, and module production. | $2 | +65% | $8B | $9B | 1.5x | 10.6x | ||
| Capital Power Corp is a North American power producer whose principal activities are developing, acquiring, and operating power plants. Through its subsidiary, Capital Power owns and operates a portfolio of natural gas, coal, wind, solar, and solid fuel energy generating facilities. These are located throughout Western and Central Canada and the U.S. Capital Power's natural gas and coal facilities, specifically its Genesee and Shepard sites, account for its electric capacity and cash flow production. The company generates the vast majority of its revenue from sale of electricity and natural gas. The company's customers include a variety of industrial and commercial consumers, independent transmission system operators, and government-owned entities. | $49 | +21% | $8B | $13B | 4.6x | 10.9x | ||
| Sodexo is one of the largest food service companies globally, operating in 45 countries with annual sales exceeding EUR 20 billion. Sodexo's model rests on operating on-premises catering facilities, rather than centralized industrial kitchens. Food services remain the largest business segment, contributing 66% of revenue in 2024. Sodexo has its own group purchasing organization, or GPO, Entegra, with annual purchasing of over EUR 37 billion. The company spun off its benefits and service business, Pluxee, and now focuses on food services and its second business, facilities-management services. | $52 | -26% | $8B | $12B | 0.4x | 6.9x | ||
| Shanghai Electric Power Co Ltd is a China-based energy company. It is engaged in the production and sale of electricity and thermal power. It is a modern energy company integrating high-parameter and large-capacity coal-fired power, gas-fired power, wind power, solar power, and distributed energy supply, and others. | $3 | +100% | $7B | $21B | 3.4x | 8.3x | ||
| Elis SA provides multiservice solutions to various end markets including the hospitality, healthcare, and commerce industries. The company’s products and services include providing flat linen, workwear, hygiene products, and well-being services. The company operates in various countries across Europe and Latin America, with a majority of revenue stemming from France. | $32 | +17% | $7B | $12B | 2.1x | 5.9x | ||
| Ormat Technologies Inc is engaged in the geothermal and recovered energy power business. It is engaged in three business segments: Electricity Segment. where the company develops, builds, owns and operates geothermal, solar PV and recovered energy-based power plants in the United States and geothermal power plants in other countries and sell the electricity generated. Product Segment includes designing, manufacturing and selling equipment for geothermal and recovered energy-based electricity generation and providing services relating to the engineering, procurement and construction of geothermal and recovered energy-based power plants. Energy Storage Segment includes owning and operating grid-connected which provide capacity, energy and ancillary services directly to the electric grid. | $115 | +55% | $7B | $10B | 9.9x | 18.2x | ||
| GEM Co Ltd is engaged in Waste battery recycling and power battery material manufacturing business, cobalt, nickel, and tungsten recycling and cemented carbide manufacturing business, renewable resources business, and environmental management business. | $1 | +56% | $7B | $11B | 2.0x | 13.1x | ||
 | Volvo Car AB manufactures, designs, and supplies automobiles. The company offers a wide range of cars. Geographically, it has a presence in China, the USA; Sweden; Germany; the United Kingdom; Japan, and South Korea. It generates maximum revenue from the sale of new cars. | $2 | +24% | $7B | $6B | 0.1x | 1.7x | ||
| BAIC BluePark New Energy Technology Co Ltd is engaged in the research and development, production, sales, and service of new energy pure electric vehicles and core components. The company operates under the Xiangjie, Jihu, and BEIJING brands, offering a range of models that include the Xiangjie S9, Alpha S Pioneer PRO, Alpha T5, Koala series, and others. | $1 | 0% | $7B | $6B | 1.5x | (18.3x) | ||
| ISS AS is a provider of workplace and facility service solutions with a focus on cleaning, property, catering, support, security, and facility management. It has four segments: Financial services, Professional services, Technology, and Life sciences. Its core services offered to customers consist of cleaning, food, technical, and workplace services. Revenue is mainly generated in European end markets, with the majority earned in the United Kingdom. | $41 | +51% | $6B | $9B | 0.6x | 9.5x | ||
| Fomento de Construcciones y Contratas SA is in the business of environmental services, end to end water management, construction and cement. The company's activities include services related to urban water treatment, waste recovery, end to end water cycle and also infrastructure construction projects, building construction, manufacturing of cement and concrete and operation of quarries and mineral deposits. The firm derives majority of its revenues from environmental services segment. It carries out international operations in European, the US and Latin American markets. | $13 | -8% | $6B | $9B | 0.8x | 5.4x | ||
| Trina Solar is one of the top four Chinese solar module producers. Trina's products are available in over 170 countries and regions. The company operates a vertically integrated production process, covering everything from solar wafers and cells to complete modules. | $3 | +35% | $6B | $9B | 0.9x | (186.8x) | ||
 | Contact Energy is a diversified and integrated energy company. It owns a fleet of hydro, geothermal, and gas-fired generation assets, which produce more than 25% of New Zealand's electricity. It also retails electricity and gas to nearly half a million customers. | $6 | +8% | $6B | $7B | 3.7x | 15.2x | ||
 | Umicore SA operates in the following business groups: Catalysis, Battery Materials, Specialty Materials, Recycling, and Corporate and Unallocated. Key revenue is derived from its Recycling segment, which treats complex waste streams containing precious and other specialty metals. The Battery Materials segment is engaged in developing, manufacturing, and marketing cathode materials (CAM) and its precursors (pCAM) for lithium-ion batteries. The Catalysis segment provides automotive catalysts for gasoline and diesel light and heavy-duty diesel applications, and the Specialty segment develops, manufactures, and distributes metal-based materials and chemicals for applications vital to everyday lives. Geographically, the group derives a majority of its revenue from Europe. | $24 | +113% | $6B | $7B | 0.3x | 5.3x | ||
 | Kurita Water Industries Ltd. is a provider of water treatment solutions in Japan. It operates through two segments: the Electronic market and the General water treatment market. The company provides a wide range of water treatment chemicals, systems, and services, including wastewater and ultrapure water solutions, facility maintenance, and environmental remediation, serving both industrial and household needs. | $51 | +50% | $6B | $6B | 2.1x | 10.5x | ||
| Casella Waste Systems Inc is a solid waste removal company, providing resource management services to residential, commercial, municipal, and industrial customers. The company's reportable segments on Geographical basis include Eastern, Western and Mid-Atlantic regions through the Resource solution segment. It generates maximum revenue from the Western region segment. The company's services include Recycling, Collection, Organics, Energy, Landfills, Special Waste as well as Professional Services. | $87 | -26% | $6B | $7B | 3.6x | 17.5x | ||
| Zhejiang Weiming Environment Protection Co Ltd is a China-based company engaged in the solid waste disposal business. It is focused on solid waste-related technological development, equipment manufacturing and sales, project investment, project construction, and operational management. The company is also engaged in waste incineration power generation projects. The company's products include waste incineration grates, boilers, and flue gas treatment systems. | $3 | +13% | $5B | $6B | 6.7x | 11.7x | ||
| Hubei Energy Group Co Ltd is an energy company in China. The companies business segments include hydropower, thermal power, nuclear power, new energy, natural gas, coal, and finance. | $1 | +8% | $5B | $11B | 4.2x | 9.0x | ||
| Premier Energies Ltd is an integrated manufacturer of solar cells and solar modules. The company mainly engages in the manufacturing and trading of solar modules, solar cells, and solar accessories. The majority of the company's revenue comes from the sale of these products and silicon wafers. Additionally, the company earns revenue from the sale of manufactured solar modules and from construction and project-related activities. Geographically, the company generates almost all of its revenue within India. | $11 | -6% | $5B | $5B | 7.1x | 24.9x | ||
| Enphase Energy is a global energy technology company. It delivers smart, easy-to-use solutions that manage solar generation, storage, and communication on one platform. The company's microinverter technology primarily serves the rooftop solar market and produces a fully integrated solar-plus-storage solution. Enphase derives a majority of revenue from the United States. | $36 | -13% | $5B | $4B | 3.0x | 15.2x | ||
| Energix-Renewable Energies Ltd is an Israel based renewable energy company engaged in the field of solar (photovoltaic) and wind energy. The group operates its activities in two reporting segments namely, the Photovoltaic segment, and the Wind segment. It develops, plans, and constructs projects for the production and sale of electricity using its photovoltaic solar systems under the Photovoltaic segment. The company also plans and constructs projects for the production and sale of electricity by using wind energy. Its Wind energy segment projects are located in Israel and Poland. The group generates the majority of its revenue from the Wind segment. | $8 | +124% | $5B | $7B | 27.2x | 64.1x | ||
| Shanghai Aiko Solar Energy Co Ltd is engaged in research, manufacturing and sales of crystalline silicon solar cells. The company's products include C&I Scenario COMET Series, Residential Scenario NEOSTAR Series, Lightweight module AIR and Utility Scenario STELLAR Series. | $2 | +36% | $5B | $6B | 2.6x | 149.0x | ||
| Plug Power Inc is building an end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation. The company plans to build and operate green hydrogen highways across North America and Europe. Plug will deliver its green hydrogen solutions directly to its customers and through joint venture partners into multiple end markets, including material handling, e-mobility, power generation, and industrial applications. | $3 | +276% | $5B | $5B | 7.4x | (3.3x) | ||
| UniFirst Corp provides uniform and workwear programs, facility management, and safety supplies and services across North America. It designs, manufactures, rents, cleans, and sells uniforms and protective clothing, including flame-resistant and high-visibility garments. It also offers industrial wiping products, floor mats, cleaning supplies, first aid cabinets, and fire protection services such as inspection and maintenance. Serving various industries, the company provides customized uniforms and specialized cleaning for nuclear and cleanroom facilities. It operates through three segments: Uniform & Facility Service Solutions, First Aid & Safety Solutions, and Other, with the majority of revenue from Uniform & Facility Service Solutions. | $252 | +34% | $5B | $4B | 1.8x | 13.8x | ||
| Organo Corp is a Japan-based company mainly engaged in the water treatment engineering business. The company operates in two business divisions namely water treatment engineering and functional product. Its water treatment engineering business includes manufacturing, delivery and maintenance of pure water systems, ultra-pure water systems and wastewater treatment systems for industries, condensate de mineralizers for power stations, waterworks and sewage treatment systems for the public sector. The functional product business encompasses the sale of standardized water treatment equipment, water treatment chemicals, and food processing materials. | $99 | +102% | $5B | $4B | 3.9x | 18.0x | ||
| Pony AI Inc is an artificial intelligence technology company that is principally engaged in the operation and development of autonomous vehicles. It operates fully driverless robotaxis through the PonyPilot mobile app in Beijing, Shanghai, Guangzhou, and Shenzhen. The company operates a fleet of robotaxis. The Group conducts its operations mainly in the People’s Republic of China (PRC) and the United States of America (U.S.) through subsidiaries. Key revenue is generated from the People’s Republic of China. | $10 | -46% | $5B | $3B | 37.7x | (13.3x) | ||
| Ninebot Ltd is engaged in the research and development, design, manufacturing, distribution and sales of short-distance transportation products. The products offered by the company include electric balance bikes and electric scooters for short distance commuting. | $6 | -34% | $5B | $3B | 1.0x | 9.2x | ||
| Sany Heavy Energy Co Ltd is engaged in the research and development, manufacturing and sales of wind turbines. | $4 | +8% | $5B | $3B | 0.8x | 14.6x | ||
| Northland Power develops, constructs, and operates maintainable infrastructure assets across a range of clean and green technologies, such as wind (offshore and onshore), solar, and supplying energy through a regulated utility. Offshore wind is expected to remain the company's largest segment over the long term. Northland’s growth opportunities are global and span North America, Europe, Latin America, and Asia. | $17 | +15% | $4B | $9B | 5.1x | 10.0x | ||
| QuantumScape Corporation is an American company that researches and develops solid-state rechargeable lithium metal batteries for use in electric cars. It was founded in 2010 and is headquartered in San Jose, California, employs around 850 people. Major investors include Volkswagen Group and Bill Gates. | $7 | -- | $4B | $4B | — | (10.1x) | ||
| China Everbright Environment Group Ltd engages in construction and operation of environmental energy and water projects such as waste-to-energy plants, food and kitchen waste treatment projects, and sludge treatment and disposal projects. It also provides waste sorting, renewable resources utilization, and sanitation operation services. The company has several segments including Environmental energy project construction and operation, Greentech project construction and operation, Environmental water project construction and operation, and Others. | $1 | +46% | $4B | $14B | 4.1x | 11.0x | ||
| Archer Aviation Inc advances the benefits of sustainable air mobility. The company is engaged in designing and developing a fully electric vertical takeoff and landing eVTOL aircraft for use in UAM networks. It is creating an electric airline that moves people throughout cities in a quick, safe, sustainable, and cost-effective manner. | $6 | -42% | $4B | $3B | 8644.2x | (3.7x) | ||
| Atmus Filtration Technologies Inc manufactures filtration products for on-highway commercial vehicles and off-highway agriculture, construction, mining, and power generation vehicles and equipment. The company designs and manufactures Developed filtration products, principally under the Fleetguard brand, that enable lower emissions and provide asset protection. It designs, manufactures, and sells filters, coolants, and chemical products. The company offers products including air filtration, coolants and chemicals, crankcase ventilation, fuel filtration, fuel cells, lube filtration, and others. | $53 | +48% | $4B | $5B | 3.0x | 15.8x | ||
| Electric Power Development Co Ltd is a Japanese electric utility company involved in the generation, transmission, distribution, and retail sale of energy. The company operates through four segments. The Power Generation segment covers hydro, thermal, and wind power generation, along with maintenance, operation, and electricity sales. The Power Transmission and Transformation segment focuses on grid and network operations. Electricity-related Businesses support generation and transmission activities to ensure smooth and efficient operations. The Overseas Business engages in power generation and related services abroad. It generates the majority of its revenue from the Power Generation Business segment. | $24 | +58% | $4B | $14B | 1.6x | 7.7x | ||
| Drax Group PLC is a UK-based renewable energy company engaged in renewable power generation, the production of sustainable biomass and the sale of renewable electricity to businesses. It operates a generation portfolio of sustainable biomass, hydro-electric, and pumped hydro storage assets across four sites in England and Scotland. The company also operates a bioenergy supply business with manufacturing facilities in the United States and Canada, producing compressed wood pellets for its own use and for customers in Europe and Asia. Its segments include Pellet Production, Generation, and Customers. The majority of its revenue is generated from the Customers segment which sells renewable electricity to industrial and commercial customers in the United Kingdom. | $12 | +37% | $4B | $5B | 0.7x | 4.0x | ||
| Grenergy Renovables SA is a Spanish Independent Power Producer (IPP) that designs, develops, and executes renewable energy plants on a large scale. Its services are divided into different activities including the promotion, commercialization, and construction of renewable energy installations, the production and commercialization of electric energy as well as any complementary activities, and the management and operation of renewable energy installations. It operates in segments that include: Development and Construction which also generates key revenue for the company; Energy; Commercialization, and Services. Geographically, the company generates revenue from Chile, Mexico, Peru, Argentina, Colombia, Spain and other regions. | $145 | +80% | $4B | $5B | 8.2x | 30.2x | ||
| Median | $17 | +19% | $11B | $15B | 3.2x | 13.4x |
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